Arcimoto Announces $10 Million Common Stock Only Registered Direct Offering
Arcimoto, Inc.®, (NASDAQ: FUV) makers of the Fun Utility Vehicle® (FUV®), Rapid Responder™, and Deliverator™—affordable, practical, and joyful pure electric vehicles for everyday commuters and fleets—today announced the entry into agreements with institutional investors relating to the sale of 1,370,000 shares of its common stock at an above market offering price, pursuant to NASDAQ rules, of $7.30 per share. The gross proceeds from the offering will be approximately $10 million before deducting commissions and estimated offering expenses.
The Company intends to use the net proceeds from the offering for general corporate purposes, including working capital, acceleration of the manufacture of finished goods for delivery against pre-orders and to address the increased customer demand in its products.
Arcimoto, Inc.®, (NASDAQ: FUV) makers of the Fun Utility Vehicle® (FUV®), Rapid Responder™, and Deliverator™—affordable, practical, and joyful pure electric vehicles for everyday commuters and fleets—today announced the entry into agreements with institutional investors relating to the sale of 1,370,000 shares of its common stock at an above market offering price, pursuant to NASDAQ rules, of $7.30 per share. The gross proceeds from the offering will be approximately $10 million before deducting commissions and estimated offering expenses.
The Company intends to use the net proceeds from the offering for general corporate purposes, including working capital, acceleration of the manufacture of finished goods for delivery against pre-orders and to address the increased customer demand in its products.